Ogun State Governor, Senator Ibikunle Amosun today presented his 2013 budget of N211.8 billion to the state House of Assembly.
The budget which he tagged: ‘Budget of Sustainable Growth’, is about six percent above this year’s budget which was N200.55 billion.
The breakdown of the budget shows that the education sector has the largest share of N43.4 billion, representing 20.5 percent of the total estimate. It was followed by rural and infrastructural development which got N39.9 billion or 18.7 percent of the total budget.
Next on the budget is housing with N29.6 billion, representing 13.9 percent while agriculture got N10.69 billion or seven percent of the budget.
Governor Amosun said the total revenue expected in 2013 amounted to N148.75 billion while the capital receipt expected from grants, internal loans and external concessional loans amounted to N63 billion.
He explained that the budget will be funded by Internally Generated Revenue, IGR, estimated at N74.9 billion or 35 percent followed by allocation from the Federation Account of N73.8 billion. He fixed the total revenue at N148.7 billion which is about 70 percent of its earnings.
The governor also reviewed the 2012 budget and maintained that his administration has done well despite the harsh economic environment.
“Notwithstanding the harsh economic situation we found ourselves and the huge debt burden that we inherited, we have achieved major progress in the targets which we set for ourselves in 2012. The overall budget performance is 51 percent,” he stated.
Analyzing the 2012 budget, Amosun said salaries and allowances gulped N39.5 billion or 38.6 percent; consolidated revenue fund charge, pension and gratuity, N6.5 billion or 6.3 percent while total personnel cost was N46 billion, about 44.8 percent. Overhead cost was N19 billion, about 18.8 percent and total recurrent expenditure was N65.2 billion, about 63 percent.
He said capital expenditure was N37.6 billion about 35.6 percent and total expenditure was N102.6 billion or 100 percent.
Governor Amosun appealed to the people of the state for their continued cooperation for him to achieve his targets.
The speaker of the State House of Assembly, Surajudeen Ishola Adekunbi promised that the lawmakers will look into the budget estimates and pass it quickly. He recalled that the 2012 budget was passed into law in 19 days.